CORK TOP 50 Accounts Details Of The Largest Private Firms - Business Plus Magazine
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JUNE 2019 SURVEY
Accounts Details Of
The Largest Private Firms
CORK
TOP 50
B P S U R VE Y CO RK TO P 5 0
CORK TOP 50
Companies with net assets of €10m make our annual ranking of Cork’s largest indigenous
businesses. Nick Mulcahy reports on some of the county’s top performers
M
usgrave (No.1) has market across the island of Ireland annual report, the company
reclaimed top spot in this expected to grow from €30bn commented: “The society has
year’s Cork Top 50 currently to €37bn by 2025. committed to significant capital
ranking after being pipped Dairy and food ingredients giant investment, with significant cash
by Dairygold last year on the basis of Dairygold (No.2) was in the unusual commitments to be made. The
2017 accounts. With the 2018 numbers position of ending 2018 with zero cash business needs to deliver a strong level
in, the grocery wholesaler has surged on the balance sheet, after the of profitability in 2019.”
ahead of its agri rival, after adding company turned to its banks for Sean Murphy’s Elementum Capital
€79m to net assets last year. funding. Cash outflow for investing (No.4) is keeping a close eye on Brexit,
Turnover was up 3.8% to €3.9 activities exceeded operating cashflow which it says will be an issue in
billion and pre-tax profit of €85m was by €32m. There was a net increase in relation to existing and future
a 6% increase on the previous year. bank and finance debt of €29m investments. Elementum is an
Most of those sales are generated from compared with a decrease of €8m the investment company owned by
SuperValu and Centra stores, two year before. Murphy (36), who headed up CoreHR
retail symbols that celebrate their 40th Dairygold is owned by its 6,900 from 2012 to 2014. CoreHR was
birthday this year. farmer members, and when times are founded by Murphy’s father and the
Though SuperValu and Centra are tough on the farm the society helps out family sold most of their stake in the
part of the retail landscape now, its shareholders. Through 2018 business to US firm JMI Equity for
Musgrave CEO Chris Martin recalls Munster dairy farmers had to pay around €60m in 2016. The proceeds of
that 40 years ago the idea of more for fodder due to weather the sale ended up in Elementum,
partnering with local entrepreneurs factors, and the society supported milk which booked a net loss of €925,000
was a high-risk strategy. The and grain prices to ease the financial in FY18.
SuperValu network now has €2.9bn in burden, as well as paying top dollar for Turnover, which was earned from
annual sales while Centra corner shops milk supplies. construction contracts, was down by
have annual throughput of €1.9bn. Operating profit eased 11% to €29m 76% to €120,000 but the company
Musgrave plans to open 25 new Centra and there was a €15m hit to the P&L closed the year out with net worth of
stores this year and revamp a further due to investment losses relating to €86m. This is largely made up of
80. Spurring that investment is the shares held in Aryzta, FBD, IPL investments in various property and
positive macro picture, with the food Plastics and other investments. In the software ventures. Three staff were
A global leader
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58 B USI NES S PLUS J UN E /J U LY 20 19
B P S U R VE Y CO RK TO P 5 0
employed FY18, including directors packed and sold under the Acid Buf
Sean and Niamh Murphy, and they
shared €737,000 in remuneration.
Johnson & Perrott’s brand, which is used by beef farmers
for feeding their cattle. The company’s
The balance sheet of motor group balance sheet was largest export market is Australia and
Johnson & Perrott (No.5) was Acid Buf is also popular in Saudi
transformed through 2017, as the transformed to fund Arabia and India.
company disposed of investment
properties to fund a new dealership
a new dealership Turnover improved by 40% to
€31.5m in 2017, when the gross
cluster in Bishopstown and to pay margin was an impressive 55%. Net
down debt. Through 2016 and 2017, profit was €7.1m (23% margin), which
J&P spent €34m to acquire fixed Though operating profit was down by puts this seaweed venture in the same
assets. In 2017, the company disposed 22%, the gain made on the properties ballpark as tech stars. The tax charge
of properties in Opera Lane in Cork disposal almost doubled net profit in for the year of €790,000 benefited
and on Old Kilmainham Road in 2017 to €6.6m, raising net worth to from a €270,000 R&D tax credit.
Dublin, grossing circa €30m in cash. just short of €70m. Celtic Sea Minerals’ sole directors are
The upshot was year-end fixed assets Michael Ryan and Michael Brady,
C
reducing by €18m and balance sheet eltic Sea Minerals (No.7) though the operating company
cash increasing by €21m. makes animal feed and Marigot Ltd is owned by Lafor
Led by CEO Mark Whitaker, who is fertiliser products from Establishment, an entity registered in
on the shortlist for the EY seaweed harvested off the Cork coast Liechtenstein, while the ultimate
Entrepreneur of the Year 2019 awards, and in Iceland. The company collects parent undertaking is the Pinasco
Johnson & Perrott’s turnover in 2017 the nutritious tips of red seaweed after Trust, which is connected to Leslie
eased by 2.7% to €86.2m, reflecting a they fall from the plant, scooping them Auchincloss (86).
decrease in new car sales. J&P up from the ocean floor. In Iceland, In 2017, Marigot paid shareholders a
represents eight car brands and two Celtic Sea Minerals harvests 50,000 dividend of €1,250,000 and Ryan sold
commercial vehicle brands, and also tonnes a year of these deposits and one-third of his shareholding to the
hires out vans and has a fleet ships them back to Castletownbere. Liechtenstein parent.
management division in Dublin. The calcified tips are blended and continued on page 60
B P S U R VE Y CO RK TOP 5 0
C.I.M. Ltd (No.8) is the investment accounts. Inter-group debtors
holding company for the Haehnel THE TOP 20 included €15m owed by Abiria
family, including Hilda and Christian, Technologies, €5m by Derriana
who reside in Co. Cork. CIM’s main Musgrave Group €409.8m Horizons, €9m by Chiniki Holdings
trading subsidiary in Ireland is Hähnel and €6m by Establishing Shot Ltd.
Industries, which makes and Dairygold €337.9m Zenith Technologies (No.13) beat
distributes photographic and video Carbery €219.5m the likes of Pfizer to win Cork
equipment. This firm employed 29 Chamber’s ‘Company of the Year’ title
people in the year to February 2018 Elementum Capital €85.6m in the corporate category this year.
and booked a net profit of €900,000. Johnson & Perrott €69.1m Founder Brendan O’Regan says that
Overseas subsidiary Hähnel he expects Zenith’s revenue to hit
Innovations in Hong Kong, led by Freefoam Plastics €37.1m €100m in 2019, and as sales were
Michael Haehnel, is a supplier of Celtic Sea Minerals €36.7m €85.5m in 2018, it’s not an
accessories for camcorders and digital unreasonable target.
CIM Ltd €35.6m
properties. CIM’s net worth of €36.7m Zenith was founded in Cork in 1998
includes property investments valued Dornan €35.0m and provides manufacturing software
at €10.7m and other investments systems to the life sciences industry.
G3 Third Gen. Holdings €34.8m
valued at €8m. The firm operates 16 offices worldwide
EPS €33.1m and employs more than 800 people.
R
ingaskiddy-registered holding The Cork Chamber jury panel may
DPS €30.1m
company G3 Third have been impressed by Zenith’s 2017
Generation Holdings (No.10) Zenith Technologies €28.6m accounts filing, when directors
is a family-owned venture with links to Irish Int. Trading Corp. €26.7m emoluments increased to €6.4m from
several subsidiaries. The business is €2.7m the year before. The accounts
operated by Martin and Nancy Horan, Food-Bridge €24.1m speak of a €5.7m ‘sales success bonus’
along with sons David, Keith and Paul. Ruden Homes €23.2m related to a 30% investment by GE in
The Horan parents established the company during that year. For
BioTector in 1995, which specialises in GP Wood Holdings €22.5m 2018, five directors shared €3.4m on
analysing liquids. It was sold to Hach Riga Cork €20.6m salary and pension payments.
in 2014. The meat industry was good to
G3 owns shareholdings in numerous Cumnor Construction €19.0m Food-Bridge (No.15) principals
ventures, including Trusthigh Cranwell Investments €19.0m Edward Gleeson and Florence
Holdings, Sherwood Oak, Being McCarthy in 2018, as they saw
Mindful and Arrowhead Properties. turnover and profits grow in their
These group undertakings collectively Net assets as per latest filed accounts. meat trading and wholesaling firm.
owed nearly €35m to the G3 parent in For accounts details see pages 80-85. Turnover increased by nearly 10% to
October 2018, according to filed continued on page 62
Agile or irrelevant
CEOs have more to do and less time to do it in.
Learn more about the new CEO agenda in our
2019 CEO Outlook.
kpmg.ie #CEOoutlook
© 2019 KPMG, an Irish partnership
60 B USIN ESS PLUS J UN E/ J ULY 2019
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B P S U R VE Y CO RK TO P 5 0
€128m in the year to June 2018, while maintenance of wind generators too.
net profit advanced 50% to €4.9m. The family firm also owns Millstreet
Year-end net worth of €24m included Country Park, though that’s a labour
cash reserves of €4.7m. of love, with the country park booking
Fourteen staff were on the payroll a loss of €266,000 in 2017. Avonmore
and directors’ remuneration for Electrical Holdings Ltd saw operating
Edward Gleeson, Mary Gleeson and profit increase by a factor of five
Florence McCarthy totalled €3.1m. thanks to additional income of c. €1m.
McCarthy left her directorship role in Shareholders were rewarded with a
March 2019. She speaks for 38% of €103,000 dividend as operating
the shares, with Edward Gleeson cashflow improved year-on-year from
owning 42%. Sarah and David €420,000 to €1.8m.
Gleeson own equal portions of the Housebuilder Westbrook Housing
remaining shares. (No.34), owned by Tom and Sean
Falvey, boosted net worth by 45% to
G
ross profit reduced by 36% to €12.8m in 2017. The company paid off
€1.9m at Lucey Transport its entire bank debt of €5m after
Logistics (No.25) in the year disposing of property valued at
to September 2017. Total employment €6.3m. Year-end cash on the balance
across the group declined from 151 to sheet improved by 40% to €8.5m, and
136 people, and the pay overhead for Musgrave CEO Chris Martin in 2018 the company embarked on the
directors and staff was reduced from planning process for a new 251-unit
€8.9m to €5.7m. Led by directors O’Connell Group has multiple scheme at Grange in Co. Cork. The
Ronan, Kevin and Juan Lucey, the operating companies. O’Connell two directors shared €100,000 in
company was established in 1932 and Warehousing Ireland booked a net emoluments.
operates 130 articulated trucks, 450 profit of €930,000 in 2017 on Labyrinthine is a word that springs
trailers and circa 700,000 square feet turnover of €4.4m. Inter-group to mind when describing the business
of high-bay warehousing. debtors account for 55% of the interests of Michael Murnane through
Founders Edward and Catherine company’s €14.9m net worth. his unlimited company Craydel. The
O’Connell stepped back from the Avonmore Electrical (No.32) in holding company has 38 subsidiaries,
board of O’Connell Group (No.27) Roskeen, Mallow, achieved “excellent the largest of which on a net worth
in 2018, and four children are now profitability levels” in 2017, according basis is Automated Systems &
directors of the successful family firm. to directors Derry and Janice Sheehan Controls (No.36). ASC in Lissarda is
The group is one of Ireland’s leading in the company’s annual filing. The an electrical switchgear manufacturer
logistics companies, with c. 980,000 venture was established in 1958 by that was incorporated in 1994. The
square feet of warehousing, 24 trucks, Jeremiah Sheehan and has stood the company booked a net profit of €1.1m
144 trailers, extensive container test of time with a focus on electro- in 2017, when 31 people were on the
handling facilities and a pallet mechanical repair services. The payroll. Of the €12.6m net worth,
manufacturing division. The business company repairs and refurbishes €10m is accounted for by debtors.
operates from Glanmire, Little Island, motors, pumps and generators, and in These aren’t broken out in the annual
Limerick and the Port of Cork. recent years has taken on repair and Survey continued on page 64
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B P S U R VE Y CO RK TO P 5 0
filing and likely include amounts by
other Craydel subsidiaries.
Petrochem Pipeline Supply
(No.38) describes its origin in 1978 as
‘one man and his van’. Now the
company is a leading supplier of
stainless pipes, fittings, valves,
instrumentation and controls to
pharmaceutical, petrochemical, food,
beverage and biotech customers.
Petrochem has stockholding facilities
in Little Island as well as in
Dunboyne, Co. Meath.
Established by Michael and
Margaret O’Shea, the company
booked an exceptional loss of €1.1m in
2017 relating to write-off of advances
to a connected company. That
impacted on the operating profit of
€1.75m for the year, up 7%, with the
net profit coming in at €430,000
compared with €1.4m the year before.
However, operating cashflow
improved to €1.3m from €1.1m the Brendan O’Regan’s Zenith Technologies (No.13) is Cork Chamber’s Cork
year before and year-end cash was Company of the Year
20% higher at €4.3m. Michael O’Shea
left the board in October 2017, and now extends to jams, marmalades, and Frances Lynch and their family.
full-year remuneration and pension sauces and relishes. The company The company’s net worth increased
payments for the two founders and booked a net profit of €1.3m in from €4.5m to €10.8m in the year to
Keith O’Shea increased from 2016/17, the same as the year before, April 2017 as the value of tangible
€315,000 to €730,000. and balance sheet cash improved from assets in the balance sheet doubled to
€2.1m to €3.4m. From a capital base €16.7m. This probably relates to
D
uggan Steel (No.39) in of €310,000, Folláin has booked revaluations, though the accounts
Bandon specialises in retained profit of €10.9m since filing doesn’t explain. Park Vine’s
structural steel, metal decking inception. The two directors shared investment properties had a net book
and cladding works. The company remuneration of €199,998 in 2016/17. value of €17m in April 2018, and
makes and erects steel girders and The renewed building boom has shareholders were rewarded with
steel supports in the construction of been good for East Cork Crane Hire dividends of €565,000, up from
industrial buildings and commercial (No.48), which was established in €277,000 the previous year.
buildings. Turnover reduced by 9% to 1987 by Tom and Catherine Kelleher. With the National Broadband Plan
€23m in the year to April 2018 but The company booked a net profit of edging toward reality, the future looks
operating profit increased by 4% to €4.4m in the year to April 2018 and even brighter for Dexgreen Connect
€4.8m. The net profit margin in also booked a €1m gain on a property (No.50), which supplies equipment
2017/18 was an impressive 18%. revaluation. FY18 was a busy year for required for building telecoms network
Operating company Duggan Allied capital investment at the firm, with infrastructure. Led by directors Billy
Steel Ltd is led by directors Bernard, plant and equipment investment of Horgan and Anne Horgan, Dexgreen
Stephen and Alan Duggan, and €7.2m, offset by disposals of €12.5m. booked a net profit of €2.5m in the year
shareholders were paid €2m in Total liabilities in April 2018 to July 2017, the same as 2016, when
dividends for FY18. The company’s amounted to €11.5m, indicating the 23 people were employed. The
cash pile at year-end was €12.3m. leverage required to offer the best company doesn’t disclose turnover in
Folláin Teo (No.47) breaks into the equipment to customers. its annual filing, though the trade
Cork Top 50 for the first time after net The company is also active in the debtors figure of €4.6m points to
worth in August 2017 exceeded €11m. rental of concrete pumps. In 2017/18, annual revenue of circa €30m.
This family business, based in the two directors shared €182,000 in The company ended the 2016/17
Ballyvourney, was incorporated in remuneration and €424,000 in financial year with cash balances of
1991, though founders and sole pension payments. The company also €6.8m and the annual filing stated
owners Peadar Ó Lionáird and Mairin purchased some shares from that Dexgreen Ltd has agreed to
Ui Lionáird produced their first batch Catherine Kelleher for a consideration purchase the company’s business
of grapefruit marmalade in 1983. of €500,000. premises on Little Island from the
Folláin is the Irish word for Park Vine Ltd (No.49) is a founding directors in 2019.
wholesome, and the company’s range property holding company for Jack Survey continued on page 66
64 B USIN ESS PLUS J UN E/ J ULY 2019
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BP SURVEY CORK TOP 50
Expansion Focus Tops
The Cork Agenda
John Kinsella hears from business leaders and professional services firms
about the business mood in Cork and Munster
Growth Across All
Sectors For PwC Cork
P
wC’s Cork office has Quinn adds that growth in the
experienced strong growth assurance service line is directly
in recent years, and the linked to successes in the
accountancy and advisory firm marketplace, as well as to
now has over 200 professional companies looking for a broader
staff employed. PwC expects the range of comfort. “The changing
number to increase to 250 people tax landscape, including increased
by the end of the year, and 30 Revenue audits and enquires, is
graduates are joining in October. increasing demand for specialist
“We moved to our new tax services. Demand for
premises on Albert Quay in 2015 consulting services is strong in
and we expanded our office space areas such as data analytics,
by nearly 40% in 2018 to reflect artificial intelligence, robotics and
the growth of our business,” cybersecurity. We are also seeing
explains tax partner Nicola Quinn. plenty of activity in the traditional
“We have seen great business areas of deals and corporate
optimism from both indigenous finance.”
and multinational companies over According to Quinn, PwC is
the last year. There is an seeing more and more private
increasing number of cranes in the businesses engage with the firm likelihood of your business Nicola Quinn, PwC
skyline, and in the past year, many to try to explore cybersecurity suffering an irrecoverable cyber people, processes and
new companies have come to issues. “Every business will have attack,” she advises. technology. We help clients by
Cork, while established businesses some vulnerability, but with some “Managing cyber risk looking at all three aspects and
have announced expansion plans proactive work and support you effectively isn’t just a technology advising them on how to reduce
and extra jobs.” can significantly reduce the issue – it’s a combination of the level of risk.”
66 BUSINESS PLUS J U N E / J U LY 2 0 1 9BP SURVEY CORK TOP 50
Martin’s Musgrave Strategy
Delivers Long-Term Growth
M
usgrave enjoyed 4% sector across the island of
turnover growth in Ireland with more than 24,000
2018 to €3.9bn. The products,” says Martin.
SuperValu and Centra brands “MarketPlace has evolved from
both achieved record sales, the a cash and carry offering into
Daybreak brand added 17 new Ireland’s leading wholesale
stores to a total of 237 stores business for retailers and a one-
and the group’s Spanish business stop shop for Ireland’s hospitality
performed well too. sector. We also purchased
According to CEO Chris Martin: Donnybrook Fair as part of our
“Our performance underlines the focus on identifying new growth
success of our Growing Good opportunities in line with our
Business strategy, which is on overall strategy.”
track to deliver long-term Musgrave was established in
growth. It has three strands: Cork in 1876 by Thomas and
grow our existing brands, create Stuart Musgrave, so the Chris Martin, Musgrave believes Cork is a more
new brands and look for company’s Munster roots are competitive place to do business
opportunities to build or acquire very deep. Martin enthuses: “In community across Munster as than Dublin. “Gigabit broadband
businesses in new and emerging Cork we are represented by some “inspiring”, and he says there is being made more widely
sectors of the food industry.” of the best retailers in the world, has never been a better time to available and the city is ideally-
On this score, the acquisition and the county is also hugely be part of independent retailing. placed to leverage a growing
of fine food specialist La Rousse important for us in terms of “Shoppers are starting to spend economy, with in excess of one
Foods enabled Musgrave to suppliers, as we work with a more again and are keen to million square feet of office
broaden its presence in the range of Irish companies both big explore quality Irish food, with a space due to come on stream,
restaurant market. “Musgrave and small who help differentiate particular emphasis on rental prices less than half the
MarketPlace is now able to us from the competition.” provenance and health.” price of equivalent space in
service every area of the Martin describes the Martin, who has signalled his Dublin, a lower cost of living,
hospitality and foodservice confidence of the business departure from the CEO role, and a talented young workforce.”
L
ast year, Matheson 60% of the American Chamber
Growth Potential Lures became the first of the of Commerce companies
Matheson To Leeside large commercial law
firms to open an office in Cork.
located in Cork, our office
opening was a natural decision
According to Gráinne Callanan, for us and recognition of that
partner and Cork office lead, future growth potential,”
the rationale is to strengthen she adds.
the firm’s relationships outside Eight people are employed in
of Dublin, growing new Matheson’s Cork office and
mandates with multinationals the firm is actively recruiting.
that are regionally located, and An obvious concern for clients
indigenous Irish companies with is Brexit, though in Callanan’s
an international focus. view, businesses are preparing
“The Cork office increases to get out in front and turn
our proximity on the ground to the evolving situation into an
our large range of multinational opportunity where possible.
and domestic clients located in “It is a priority for Matheson
Cork across the pharma, tech, to provide ongoing legal
biotech, financial services and guidance and insight to
cyber security industries, and clients on Brexit, concerning
enables us to provide even the direct and indirect
greater levels of service,” consequences and potential
Callanan explains. impacts of the UK’s departure
“Cork is set to become the from the EU on their business,”
fastest growing city in Ireland says Callanan.
Gráinne Callanan, Matheson over the next 20 years and with Survey continued on page 68
BUSINESS PLUS J U N E / J U LY 2 0 1 9 67BP SURVEY CORK TOP 50
Deloitte Wants More
Support For Scale-ups
A
recent Cork Chamber The Cork office is led by audit
survey found that nearly partner Honor Moore, and new
all members were partner additions this year are
confident about their future Deirdre Carwood (financial
prospects. The result doesn’t advisory/forensics) and Caroline
surprise Ronan Murray, Lead O’Driscoll (tax) who bring
Financial Advisory Partner with “additional depth to both our local
Deloitte partners Ronan Murray and Caroline O'Driscoll
Deloitte in Munster, and a board and national capability,” according
member of Cork Chamber. to Murray. financial advisory services, tax policy to transform startups
“This mirrors the level of Deloitte recruits graduates from particularly in M&A, debt finance into scale-ups. “Cork can position
business optimism and transaction traditional accounting, business and transaction support itself as an entrepreneur-led
activity we are experiencing with and legal backgrounds and is engagements,” says Murray. scale-up hub, given our lower
our own clients in Deloitte,” he seeking to recruit more STEM “Funding options are available to rental costs and graduate talent,
says. “The level of construction graduates. “This is to meet our support ‘buy and build’ strategies offering an effective counter-
activity in the city reflects this clients’ expectations where we and private equity is also playing balance to Dublin,” she says.
prevailing business confidence and blend our deep specialist teams in an increasing role.” O’Driscoll adds that clients are
points towards a city very much our multidisciplinary model to give Deloitte’s annual Technology in something of a Brexit holding
on the rise.” the best possible holistic solutions Fast 50 ranking highlights local pattern at the moment. “Our
Deloitte in Cork has over 170 to our clients,” O’Driscoll explains. tech success stories such as i3PT, advice continues to be to examine
staff working with some of the In Cork, Deloitte is working on a Teamwork, Voxpro, Newsweaver, your level of Brexit readiness
most dynamic entrepreneurs and growing number of M&A Inhance Technology, Fexco, across a number of scenarios.
innovative companies in the region engagements, with the increase in Spearline Risk and Compliance, Brexit also brings opportunity as
which is reflected in strong local activity appearing to be industry and DesignPro Automation. companies seek an EU presence,
representation in the firm’s Best agnostic. “There is a particular However, O’Driscoll believes there particularly in financial services
Managed Companies programme. demand for specialist tax and is a need for better supports and and fintech.”
Law Firm HOMS Extends
Reach With Cork Office
L
eading commercial law the construction, engineering,
firm HOMS Solicitors has food and agri-business sectors
its origins in Limerick and in Cork over the coming year,”
is also active in Dublin and says Kennedy.
London. The firm opened an “Our legal experts deliver
office in Cork in October 2018, these services in conjunction
recognising that the government with service providers from
is serious about driving other disciplines such as
development outside Dublin. engineers and insurance brokers
Partner George Kennedy in an innovative risk-based
explains: “Cork is set to become workshop format. Our Cork
the fastest growing city in clients will also have
Ireland over the next 20 years. international connectivity, as
We were also encouraged to our London office acts as a
open our office in Cork by portal for businesses wishing to George Kennedy, HOMS also wants to facilitate
HOMS Solicitors
clients, which made our decision set up or expand in the UK businesses intent on scaling
quite simple.” market.” forming a credible counter- globally and accessing external
The HOMS Cork office is Kennedy notes a vibrancy in balance to Dublin is gaining real funding. “Connected with this,
headed up by John Ringrose and Cork that you can immediately traction, both politically and business owners are now very
plans to employ 10 people by the sense. “This is a great economically. This is a trend open to private equity
end of 2020, adding to its environment for all businesses which many of our clients are investment and ultimately the
existing staff of more than 150 and obviously translates to looking to get ahead of by prospect of selling their
nationwide. “We intend to roll opportunity for a firm such as investing in property, businesses business, rather than holding
out our innovative multi- ours,” he says. “The prospect of and other assets in and around it in the family.”
disciplinary services to clients in Cork, Limerick and Galway those cities.” Survey continued on page 70
68 BUSINESS PLUS J U N E / J U LY 2 0 1 9Pictured (L-R) above at City Gate, Mahon, Cork: Managing Partner Michael Jackson with Matheson Cork office
lawyers Claire Scannell, Gráinne Callanan (Lead Partner) and Eve O’Toole.
Matheson. At the Heart of Business in Cork. Winner, 12 Deals of the Year, in M&A, Equity
Capital Markets, Debt Capital Markets,
Financial Services, and Loans and Financing
Cork is a growing city which has proven itself to be an attractive
Finance Dublin Awards 2019
location for FDI, for international financial services and importantly, a
location for ambitious Irish companies that want to grow their business. Top 20 Most Innovative Law Firm in Europe
Financial Times Innovative Lawyer Awards 2018
Our clients in the region have access to an experienced Matheson team
in Cork and can also avail of the full suite of legal services and expertise
International Firm in the Americas
of Matheson’s Dublin, London and US East and West Coast offices. International Tax Review 2018
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www.matheson.comBP SURVEY CORK TOP 50
KPMG Expands Presence
At New South Mall Office
T
here is a blossoming and advisory teams. Lynch says
optimism about the future that headcount will increase to
of Cork city, which is being over 200 people by the autumn,
articulated through the many and that the firm’s larger Cork
developments that mark the city’s base has the capacity to
skyline. That’s the view of Michael accommodate 300 staff.
Lynch, Partner with KPMG Cork, According to Lynch, in many
who adds that his firm is one of sectors KPMG clients continue to
many capitalising on this see significant growth, with
optimism. increased demands for products
“In May this year, we and services both locally and in
completed a move to a new-build overseas markets. “In addition to
development at 85 South Mall,” organic growth, many businesses
Lynch explains. “Our move are now seeking opportunities for
extends KPMG’s nearly 50-year ‘inorganic’ growth or acquisitions, Michael Lynch, KPMG professional services firms.
history on ‘the Mall’, and our or perhaps the opportunity to sell “Investment in new service lines
new offices provide capacity to or partially divest some of their priorities of the business owner.” also point to the potential of the
grow and to continue delivering shareholding in order to extract The strength and confidence of local market,” says Lynch. “At
the very best solutions for some value or bring in new Cork’s economy is evidenced by KPMG we have expanded the
our clients.” capital,” Lynch explains. “Each the arrival of new entrants in service offering with the addition
KPMG currently employs 170 business is different and we listen many sectors, such as new of our Forensic Technology
people in Cork across its audit, tax carefully to the objectives and funding providers and capability, with more to follow.”
Cork Airport Expecting Charles de Gaulle in May, and
the airline plans to expand
“The addition of further routes
to North America, including New
8% Growth For 2019 capacity on the route by a
quarter from October. Ryanair
York, remains a key objective for
our aviation business
introduced a new six times- development team.”
I
n line with expansion of past three years, with an weekly service to London Luton The additional traffic boosted
commercial activity in the improvement of 4% through last October and, in the same Cork Airport’s commercial
city, Cork Airport had a 2018 to 2.4 million passengers. month, Aer Lingus started a new turnover by 8% last year, and
positive 2018, with passenger For the current year, the airport twice weekly service to Lisbon. visits to the executive lounge
numbers increasing for the third is expecting 8% growth to Kevin Cullinane, Head of increased by 50%. “The new
consecutive year. According to 2.6 million. Communications, says that Aspire business lounge is
DAA, the airport operator, traffic Air France Hop! launched a continental European traffic performing exceptionally well,”
has increased by 16% during the new daily service to Paris- increased by 7% to almost 1.1 says Cullinane. “An extensive
million in 2018 while UK traffic range of hot and cold food,
was flat during the year at 1.3 tailored to different parts of the
million passengers. In April, day, along with drinks and
Ryanair launched new year- newspapers are available. There
round services to Budapest, is also a range of dedicated zones
Malta and Poznan, and there’s a for business, dining and relaxing.
new summer service to Naples Facilities include tableside
commencing in July. Aer Lingus charging for mobile devices.”
launched summer services to Cullinane adds that airport
Dubrovnik and Nice in May, while customers can expect improved
seven existing routes have seen services in the years ahead.
capacity growth. “DAA has firm plans for further
“There are currently nine investment at Cork Airport. In
airlines operating scheduled excess of €40m will be spent
flights on over 50 routes from over the next three years,
Cork Airport,” says Cullinane. including on a new hold baggage
system and additional car
Kevin Cullinane, parking spaces.”
Cork Airport Survey continued on page 72
70 BUSINESS PLUS J U N E / J U LY 2 0 1 9BP SURVEY CORK TOP 50
EY Sees ‘Undercurrent Of supportive. While an old
chestnut, the access to early
Excitement’ In Cork stage seed financing for
entrepreneurial companies is still
patchy. More support is required
E
Y continues to expand in “There is an undercurrent of in this part of the economy.”
Cork, with headcount excitement and possibility in With the local economy
increasing from 200 to Cork at the moment,” Higgins expanding, third level graduates
230 people in the past year. “A adds. “The National Transport have more employment choices,
few years ago we stated our Authority and Project Ireland and Higgins says that attracting
ambition to employ 250 people in 2040 plans have both prioritised the best and brightest talent is a
Cork by 2020. I’m proud to see Cork as a place to do business, challenge that requires focus.
that we are on target to reach which is a significant Equally challenging is retaining
that goal.” says John Higgins, endorsement of the potential quality senior professionals.
managing partner of EY Cork. which the region presents. The “At EY our expertise has
“Our Advisory practice in diversity of the business evolved significantly in recent
particular has experienced landscape, from cyber security years,” says Higgins. “The
exceptional growth over the past companies, SaaS and renewable skillsets we require are no longer
12 months. This spans analytics, energy to pharma and life just tax and accounting. We now
robotic process automation, sciences, is encouraging.” seek candidates with expertise in
programme and project In Higgins’ view, improved fields such as psychology,
management, organisational access to finance is driving engineering, BIS, sciences and a
effectiveness, mobility, construction activity. “Banks are wide range of other skillsets.”
operational excellence and now willing to support strong and Higgins shares the concerns of John Higgins, EY
economic advisory. We also have well-managed companies in other business leaders in Cork
the largest and strongest tax construction sectors,” he says. about housing and infrastructure demand and attract suitable high
practice in Cork, led by Frank “The agri/food industry is also constraints. “These areas need profile candidates for the
O’Neill, serving our local and growing rapidly, and the banks to be invested in and developed growing business environment,”
multinational client base. are also currently very in order for Cork to meet market Higgins says.
Whitaker Urges Action
On Transport Agenda
J
ohnson & Perrott’s car brands and two commercial
business is cars and vehicle brands. Ongoing
commercial vehicles, so it’s investment is evidenced by the
not surprising that CEO Mark new specialist building that J&P
Whitaker would like to see built for Jaguar Land Rover in
improvements in Cork’s creaking Bishopstown.
transport infrastructure “The ‘Arch’ concept building
“The key challenges facing brings a luxury retail buying
Cork stem from its recent experience to match the cars
success, and our road structure that we sell,” Whitaker explains.
is now under considerable strain “We have seen a real uplift in
at peak times,” says Whitaker. business for these brands since
“The launch of the new Cork opening the new facility. Our
Metropolitan Area Transport new Volvo facility on the same Mark Whitaker, Johnson & Perrott
Strategy sets out a very site opens at the end of June to
ambitious agenda. However, the offer a truly premium choice and models across all brands, this that each of our 180 staff make
business community needs to shopping experience.” shift is likely to accelerate each day, our core values and
see urgent action to alleviate On car choice, Whitaker notes sharply.” what we have managed to
existing hotspots to enable customer migration from diesel Whitaker has been shortlisted achieve working together since
business to continue.” to petrol and petrol-hybrid. for the EY Entrepreneur of the our reorganisation in 2012,” he
The Johnson & Perrott Motor “There is also a significant uplift Year Awards, which will be says.
Group in Cork spans three motor in fully electric vehicles. With announced in the autumn. “It’s
dealerships representing eight the likely arrival of hybrid recognition of the contribution Survey continued on page 74
72 BUSINESS PLUS J U N E / J U LY 2 0 1 9Commercial
funding specialists.
We provide invoice finance, asset finance and asset based lending
solutions that give businesses access to the working capital they
need to thrive.
Speak to one of our commercial funding specialists
to find out how we can support your work.
Talk to us today Visit
+353 (0)1 699 4253 closecommercial nance.ie
Close Brothers | Modern Merchant Banking
Close Brothers Limited (being a UK registered private limited company and its Irish registered branch of the same name having registration number 907899), trading as (and having as registered business names) Close Brothers
Asset Finance, Close Brothers Commercial Finance, Close Brothers Premium Finance Ireland, Close Brothers Motor Finance and Braemar Finance, is authorised by the Prudential Regulation Authority in the United Kingdom and
is regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. UK registered address: 10 Crown Place,
London, EC2A 4FT, registered at Companies House, Number 00195626. Directors: M. Biggs (UK), O. Corbett (UK), P. Du y (UK), G. Howe (UK), L. Jones (UK), E. Lee (UK), B. Macaskill (UK), M. Morgan (UK), P. Prebensen (UK)
and A. Sainsbury (UK). Close Brothers Invoice Finance and Close Brothers Commercial Finance are registered business names of Close Invoice Finance Limited, a UK registered private limited company (and its Irish registered
branch of the same name having registration number 908024). UK registered address: 10 Crown Place, London, EC2A 4FT, registered at Companies House, Number 00935949. Directors: J. Brown (UK), C. McAreavey (UK),
A. Sainsbury (UK), M. Sooknah (UK), I. Steward (UK), D. Thomson, (UK).BP SURVEY CORK TOP 50
Roberts Nathan Construction Sector Spurs
Eyes Expansion Close Brothers Growth
A C
ccountancy and business lose Brothers Madden adds: “The
advisory firm Roberts Commercial Finance companies we’re speaking to
Nathan signalled its has just enjoyed its have a lot of confidence in the
growth ambition in November most successful year in Cork economy and there is a healthy
2018 when it relocated to Cork since opening in the city in 2013. appetite for growth. They are
city centre. Vivian Nathan, “SMEs in Munster are becoming looking at funding options to
Roberts Nathan
“We were keen to move into new more aware of the local advance their future, and more
city centre offices based in what is have been very pleased so far with expertise we offer,” says Adrian companies are using our asset
now the pre-eminent business area our new service, which has grown Madden, Head of Sales Ireland. finance solutions to refinance
around Lapp’s Quay,” explains considerably since commencement. “We specialise in invoice unencumbered plant and
managing partner Vivian Nathan. We are predicting double digit finance, asset finance and asset- equipment or lease new
“It has been a very positive and growth here in our second year.” based lending. We take the time machinery.
successful move for us, both from Nathan is positive about the to listen to commercial needs “There has been an increase
a client and staff perspective. We business outlook. “The mood and ambitions, so our flexible in demand for asset-based
have 25 people based in our Cork generally among business people funding solutions are tailored to lending which enables SMEs to
office with plans to recruit four or and clients is upbeat. In terms of meet our customers’ individual raise higher levels of funding
five more over the next six developments in our Cork office, requirements.” by combining invoice finance
months. It is similar picture at our we are examining a number of Spurred by housing with funds released against
Dublin office in the IFSC, with the merger opportunities and hope to developments and commercial other assets, such as
same overall numbers and hiring complete one in the coming year property projects, Madden says machinery and stock. It’s great
plans too.” that will considerably expand our that the region is seeing for facilitating large changes,
Coinciding with the move, last offering. We have very successfully significant growth. “In supporting strategic moves or
autumn Roberts Nathan launched a completed a number of mergers in particular we are seeing a simply releasing some
new financial services arm. “We Dublin over the past five years.” boom in the construction additional working capital.”
industry,” he adds. “Our hire With Brexit looming, Madden
purchase and leasing products says many customers are
enable businesses to access planning for whatever Brexit
Adding Value to the machinery and equipment
they require without the initial
will bring. “This often means
they are looking for
Your Business outlay that would usually be
needed to buy them upfront.”
contingency funds, which our
solutions can provide,” he says.
Our Niche Areas Are
G Tax and Wealth Management for Private Clients
and Expatriates
G Tourism and Hospitality Advisory and Consultancy
G Business Advisory for SMEs and Entrepreneurs
Tel: 021 477 4500
Pearse Street, Kinsale
www.fitzgeraldandpartners.com
Follow us on:
AUDIT ● TAX ● ADVISORY ● BUSINESS CENTRE
Adrian Madden, Close Brothers Commercial Finance
Survey continued on page 76
74 BUSINESS PLUS J U N E / J U LY 2 0 1 9THE MIDSOMMAR 192 OFFER
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Tel. 021 480 4600
www.volvocarscork.ieBP SURVEY CORK TOP 50
Cork Chamber Urges
Clarity On 2040 Plans
W
hen Cork Chamber training. “Companies are taking a
quizzed its members more strategic focus around the
about their confidence development of their managers,
levels for a Q1 report this year, team leads and supervisors.”
virtually all of the respondents Healy explains. “A more bespoke
expressed confidence about the approach is favoured, with senior
business outlook. Chamber CEO leaders wanting to see a clear
Conor Healy believes the return on their investment, both
significantly positive sentiment in financial terms and on time
summarises the ambition and spent.”
the scale of change happening While welcoming the
in Cork. government’s Ireland 2040 plans affordable accommodation in Conor Healy, Cork Chamber
“In the city more than one for Cork, Healy says that more central locations, according to
million square feet of office clarity is required on the Healy. “Not a single large-scale Cork Chamber celebrates its
space is in planning and minutiae. “A year into the apartment block has been built in 200-year anniversary this year,
development for 5,000 extra jobs National Development Plan, it is Cork city since 2008. which Healy says is being marked
within the next three years,” worrying that public investment Government policy specifies that by the launch of several
says Healy. “Over the next 20 has yet to deliver real impact on half of all future development in community engagement projects.
years, Cork will be the fastest the ground in Cork. We would like Cork city must be brownfield, “Most notably, we are working to
growing city in Ireland.” to see clearly defined milestones, which is both costly and complex. raise €100,000 to fund not-for-
Healy adds that Cork Chamber project plans and completion Ahead of Budget 2020, we are profit initiatives with a social,
Skillnet has seen a huge increase dates for all projects included in campaigning for policy change so environmental or economic
in the demand for leadership and Ireland 2040.” that the next crane in Cork will impact. Social Innovation Fund
management development The city also needs more be apartment focused.” Ireland will match all donations.”
Esus E-learning Brings
D
ifferentiation and user identify much more
communication overload strongly with the solution.”
Business Content To Life are the main business
drivers for Esus E-learning. The
Esus E-learning services
include e-learning courses using
company produces bespoke bespoke graphics, audio, video,
digital learning and animation and user interaction;
communication content that it instruction videos; motion
says is vibrant, engaging, graphic explainers; gamified
interactive and fully content; corporate trailers;
contextualised for the user. animations; and translation.
“Our solutions primarily have O’Flynn’s firm can devise
a training, learning and interactive content for whatever
development focus but some of subject area clients want to
our work also falls into the tackle. “One area that is
employee communications becoming increasingly important
space,” explains managing for businesses is the area of
director Gary O’Flynn. “We do cybersecurity,” says O’Flynn.
all the heavy lifting for clients, “A key requirement here is to
from coming up with creative generate awareness among staff
ideas on how to bring content around the increasing threats
to life. from, and risks associated with,
“One of our key hackers, password breaches,
differentiators is that our visuals phishing attacks etc.
are custom drawn for the “We are in the process of
client – we do not use stock developing a number of solution
imagery. So the style of the demos to showcase what we
solution is always a 100% match offer. Our first demos, which will
to the client’s brand guidelines be launched in August, are on
and preferences. This helps the the topic of strong passwords.”
Gary O’Flynn, Esus E-learning
76 BUSINESS PLUS J U N E / J U LY 2 0 1 9BP SURVEY CORK TOP 50
Berkley Group Expands resources to clients in Germany,
the Netherlands, the UK and
housing supply problem is slowly
easing.”We have had issues in
Overseas Client Base Switzerland.”
Assessing recruitment trends,
the past with professionals not
accepting roles because they
O’Connell notes a significant were unable to secure
R
ecruitment consultant increase in employers offering accommodation. However, the
Berkley Group specialises more flexible work practices to situation seems to be improving
in resource solutions for address commuting issues and somewhat.
the business and technology, life lack of office space. “I would caution that with the
science and engineering sectors. “Companies now see part or investment in new office blocks in
Managing director Paddy full remote working as providing the city and docklands there
O’Connell says that demand in a more positive and productive needs to be a parallel investment
these core markets is significant, experience for the employee, in quality apartment
with Berkley Group recording a and we are seeing more and accommodation to meet the
50% year-on-year increase in more adopting this approach,” demands of the young mobile
requirements. says O’Connell.”However, in a workforce.
“In the last 18 months we have ‘job rich’ market, candidates “The Project Ireland 2040
focused on developing our have many opportunities. It’s planning framework has outlined
international client base and have important that employers have a significant investment in the
doubled headcount, establishing clear and consistent message development of Cork. If we can
an international delivery hub in going to market, and from their match the investment opportunity
Cork and supporting clients across own senior staff around the with a consistent city housing
Europe,” O’Connell adds.”In the opportunity and the value regeneration and overall housing
Paddy O’Connell,
last year we have provided proposition of the organisation.” strategy, then there is huge
Berkley Group
contingent and permanent O’Connell believes that the potential for growth.”
Accountant’s Guide To
Kinsale’s Good Vibes
T
he vibes have been more developed for the UK SME sector
positive in Cork over the and we are receiving a lot of
last 12 months, according enquiries. Having come through
to Cormac Fitzgerald, principal a very deep recession, the
of Kinsale accountancy practice business environment is much
Fitzgerald & Partners.”We have more positive in Cork and there
seen growth in our payroll is now a focus on business
outsourcing in particular, development, growth strategies
especially with PAYE and there is good collaboration
modernisation. Our free tax app between the stakeholders.” Cormac Fitzgerald, Fitzgerald & Partners
has also been very well In Fitzgerald’s view, the the start/finish of the Wild business in Kinsale, both in print
received,” says Fitzgerald. main advantages of basing Atlantic Way,” Fitzgerald and online.”This project has also
With expertise in international enterprise in the Kinsale/Cork adds.”This initiative has been a been raised in the Oireachtas as
tax, Fitzgerald & Partners is area is the top class education game changer in terms of something that could be rolled
catering for UK companies and available locally, the safe tourism and shows what joined- out into every town in Ireland
Irish ex-pats looking to set up environment and the pro- up thinking can do.” to support rural business,”
shop in Ireland.”We have a entrepreneurial culture.”Kinsale The accountancy practice says Fitzgerald.
specific Brexit advisory package has the added bonus of being publishes a guide to doing Survey continued on page 78
A REFURBED, REFRESHED
& RENOWNED HOTEL
Clayton Hotel Silver Springs
For more information please contact Mariksa & Jennifer on
+353 21 450 7533 events.silversprings@claytonhotels.com
CLAYTONHOTELSILVERSPRINGS.COM
BUSINESS PLUS J U N E / J U LY 2 0 1 9 77BP SURVEY CORK TOP 50
Silver Springs Revamp
Cements Hotel’s Cachet
A
substantial investment refurbishment at the hotel, with
programme at Clayton all 109 bedrooms having been fully
Hotel Silver Springs has refurbished,” says O’Callaghan.
upgraded the hotel’s facilities as “The landmark building and
it positions itself as the leading location of the Clayton Hotel
choice for the corporate traveller Silver Springs in Cork make it a
in Cork city centre. The hotel is popular choice. Ample on-site free
also a top choice for events, with parking differentiates us from
a 1,500-seat conference and other city centre venues, and is
events centre. another winner for guests.”
According to Norina O’Callaghan adds that the Cork
O’Callaghan, Sales and Marketing region is on track to be a
Manager, circa €8.5m has been counterweight to Dublin, as Norina O’Callaghan with Clayton Hotel Silver Springs General
invested in the hotel since its evidenced by the number of new Manager Joe Kennedy and Tánaiste Simon Coveney (right)
acquisition by Dalata Hotel Group commercial developments and
in 2015. The investment office blocks under construction for the executive stay, from “As sister hotels with almost 600
programme has encompassed in the city. “Clayton Silver Springs Nespresso machines, USB rooms combined, there is always a
refurbishment of the hotel’s Hotel will appeal to national and charging ports, flatscreen TVs great place to stay in Cork when
ballroom, conferencing and events regional visitors to Cork, ensuring with Sky channels, and bathrobes the Clayton Silver Springs is at
space, lounge and gallery with the new look that the hotel and slippers,” she adds. capacity,” says O’Callaghan. “The
restaurant, and bedrooms. ‘looks like new and feels like The four Dalata hotels in Cork Clayton Cork City Hotel, Maldron
“Tánaiste Simon Coveney home’, which is our appropriate recently launched the ‘Destination Hotel South Mall and Maldron
recently cut the ribbon to mark tagline. Cork’ campaign to highlight their Hotel Shandon will always
the completion of a €2m “We have thought of everything partnership for visitors to Cork. accommodate any overflow.”
Competition For Talent Is
R
ecruitment is evolving and “We’re collaborating more
so are business with our international offices
recruitment strategies in
Cork and further afield,
Cpl’s Main Challenge and clients to fulfil their Cork
requirements. We also continue
according to Cpl. The to lobby for easier access to
recruitment firm has been busy housing, visas and all the basic
facilitating hiring across a requirements to attract people
number of sectors, according to to Ireland.”
Lisa Broderick, Director in Cpl Broderick adds that Cork has
Cork. plenty of attractions for
“We’ve had a major uplift in companies and candidates
IT, particularly startups,” says thinking of locating in the city.
Broderick. “There’s a lot of “We joke that everything in Cork
investment in the pharma and is 20 minutes from the city. It is
life sciences sectors in the easy to get around and the cost
greater Cork region, as well as of living is reasonable. Our
investment in infrastructure, talent pool is diverse, educated
leading to jobs in construction. and the Cork people are very
The growth is due to a mixture friendly.
of indigenous and multinational Lisa Broderick, Cpl The competition for talent in “Although we are Ireland’s
startups, as well as foreign considering a job offer,” Cork is a key challenge for second biggest city, we maintain
direct investment.” Broderick explains. companies such as Cpl, says a good work-life balance without
Attracting the right talent now “Recruitment is evolving year on Broderick. “Unemployment is at compromising progression.
requires more than just good year and moving more towards an all-time low, candidates have There is plenty of opportunity
salaries. “Meaningful work, on-site and tailored models, more choice, and are often in for candidates looking to
giving back, a diverse and while technology is playing a numerous hiring processes. We relocate and the investment into
inclusive workplace, and genuine much bigger part. Cpl is have also seen an uplift in the region ahead of anticipated
wellness initiatives are all things investing hugely in AI to be counter offers as companies try growth is very encouraging.”
people look for when future-ready.” to retain their staff. Survey continued on page 80
78 BUSINESS PLUS J U N E / J U LY 2 0 1 9You can also read
